Back from the roadtrip and look what followed me home. Thought I got a deal on a SMU-alike unit. Trying it out I realized, it definitely is what it says on the box: "Precision DC Voltage and Current Source" Nobody said readback of said applied voltage or current.
It can limit, but will show overload when it does. And that is what is shown in the picture, charging a Lipo with the full 120mA it can supply and a max voltage of 4V. As it is on the brink of falling below 120mA and going into CV float, it flickers between oL and 4.000V.
Somehow I think I'm the muppet today. Goes to show you only see what you expect
At least it's only a year out of cal